All Forum Posts by: Giovanny Garcia

@Christopher Raiz great to see you’re off to a great start, I wish I had the real estate bug back when I was 19, better yet I wish I had $5k saved up when I was 19. But I would say read Set For Life by Scott Trench if you haven’t already. When you do so it’ll lay out House Hacking for you. That would absolutely undoubtedly hands down be my recommendation from me to you. That is how I got into my first investment property and it has worked out wonderfully. It makes great financial sense, it created also a landlord on training wheels kind of scenario.

Otherwise, I would continue to read, continue to network, and continue to build that cash reserve, and certainly continue to build that credit. Cash is King but credit is certainly that Queen in a Chest match. Do NOT worry about where other people are and at what rate they are doing things. You move when you think you should. That does not mean it will not be scary or it will not be uncomfortable when you take that jump but do not base your moves and your decisions based off of other people’s current status. You don’t know how long it took that person to get to where they are or what it actually took them to get there.

It would be much more beneficial for you to look for a 100 properties and then finally find that one that makes the most financial sense and it be a great investment today and for the years to come versus closing on the first property you come across because you want to have a deal under your belt.

I hope this helps man, reach out if you need.

Yup credit is a powerful tool. Like it has been said, communicate directly with the lender to know exactly what they want to see. My only additional advice is to work with a local bank versus a large bank like Chase or Wells Fargo. Small banks or credit unions that keep the loans in house oftenhave much more flexibility with what they can and cannot due and what they are willing to deal with. 

Hello @Danielle McClelland I do not think its ever too late or too early to start investing. However I do feel we tend to think we are often behind the curb. I purchased my first property at 24 but I did not get serious about investing until 27 and I feel that I am way behind. Comparison is the thief of joy. 

@Bryan Clement thank you so much for asking this question, I love the topic and it has generated some great feedback. I 100 percent correlate my motivation level, my results, and my thoughts are affected by my diet and my physical activity. Growing up I was extremely overweight and had no idea what a good diet or exercise meant. I then decided I was a great fit for the Army… I quickly realized my lifestyle was not going to give me a successful return in the Army. I since then have lost over 50 lbs, at one point I was down from 245 (32% BF) to 165 (12% BF). I currently sit at 195 (25% BF) and am working towards lowering my overall bodyfat percentage to 15%.

If I had to prioritize things related to mood/motivation/effectiveness it would have to be diet, rest, mental clarity/relaxation (meditation), physical exercise. 

I would also take into account that your PM is only working for typically 10% of the rental income.  How hard would you work for $210 a month?  I have a very good PM back in El Paso, however after doing my own research I saw that my rental was about $200 below market value.  I informed her, she confirmed if and adjusted the rent for the renewal of the Lease.  

No one will take care of your property like you would and no one will be as vested into your investments as you would.  So take their input but always do you own research.  However as @Russell Brazil has stated homeowners often think their home is worth more than it is, so try to keep that bias under control.  Best of luck, I hope you get it rented for a good price.  

@James Nix makes a very good point about the FHA Loans and Government assisted loans in general. My very first property was purchased utilizing a VA Loan which allowed me to get into the property for zero money down. My third property was purchased for a House Hack which I utilized an FHA Loan which allowed me to only have to put 3.5% down.

I wouldn't look at it as being screwed over it was simply a beginner's mistake. I am currently working on my first ever BRRRR property and it is incredible how much I am learning and GOSH how many mistakes I have made in the process. I am sure moving forward you will know how to better structure the deal.

I would look at it this way.  Would you have been able to do the deal all on your own?  Did you have that kind of capital?  Let's say you did would you have been willing to take on that risk all by yourself?

It is said time and time again, you first few deals won't make you rich, they aren't intended to.  What we are doing in the beginning stage is learning and refining our methods and systems to scale up.   

I would think the first step is getting with the people you already know. This would be Private Money Lending. You could also try your local REI Meetups or REIAs to meet some investors there that would be willing to lend or better yet partner on the deal. They say it all the time on the Podcast and I'm sure all over the forums, its much better to get half of a deal versus all of no deal.

Awesome thanks @Trey Crusey never heard of that website.  I also do not have a website and was wondering if I should set one up, I will certainly look into oncarrot. 

I am not a Wholesaler nor have I tried Wholesaling, but I snagged my first deal after after almost three years. I started the whole REI journey in Dec 2014 hit some major speed bumps and honestly gave up hope for quite some time, just over a year. After realizing I need to recoup the money I had already invested in the journey I decided I needed to stop feeling sorry for myself and take action. This was June 2017.

I moved to a new Market and hit the ground running. I got to San Angelo, Texas July 27 and closed on my first investment property on Aug 18, which was a tenant occupied duplex from a local investor. I closed on my second investment property, a duplex which I am House Hacking in on Oct 13 off of the MLS. Most recently my third I closed on was April 2018 which is a SFR my first major remodel that I hope to complete by Nov 15, 2018.